Is a fish in hand worth two in the sea? Evidence from a stated preference study

Abstract

The value anglers place on their fishing opportunities is critical information for fully informing marine policy within an economic efficiency framework. In this paper, we use data from a 2007 stated preference survey of anglers to estimate the value of catching Pacific halibut (Hippoglossus stenolepis), Chinook salmon (Oncorhynchus tshawytscha), and coho salmon (Oncorhynchus kisutch) off the coast of Southeast and Southcentral Alaska, the primary regions for saltwater sport fishing in the state. The data support a specification that differentiates between values for fish that are caught and kept, caught and released (due to a bag limit restriction), and potential catch (fish in excess of the number caught but within the bag limit). The results indicate that for single-day marine private boat fishing trips where one species is caught with catches less than or equal to the allowable bag (or take) limit, Southeast Alaska residents had mean values for fishing ranging from $248 to $313 (U.S. dollars), depending upon whether the fish was kept or released. Single-day private boat fishing trips in Southcentral Alaska were valued between $284 and $385 by Alaska residents. Among Alaska residents, mean values for charter fishing trips in Southcentral Alaska were between $228 and $328. Non-residents had much higher total values for the same fishing experiences, likely due to the fact that the trips are both less common and considerably more expensive to participate in given the travel costs to Alaska. Mean trip values ranged from $1849 to $2686 for charter fishing in Southeast Alaska and $1954 to $2819 in Southcentral Alaska. Non-resident and Alaska resident anglers generally had statistically-significant positive values for increases in number of fish caught and kept, potential catch, and fish size.